Nordcap Offshore Inc., announces that the initial public offering of shares by the Company has been cancelled.
The recently founded company focused on offshore support vessels, said that the demand, despite being significant, did not meet the targeted equity requirement. The application to list the shares of the Company on Oslo Axess has been withdrawn.
“The board of directors of the Company will consider whether the Offering will be re-launched at a later date,” Nordcap Offshore said in a filing to the Oslo Exchange.
The Group does not actually own a fleet of PSVs. The company intended to use the proceeds of the Offering to fund the equity portion for the acquisition of 10 (ten) mid to large sized PSVs planned to be fully delivered within May 2016.
Nordcap Offshore had hoped to raise gross proceeds of the NOK equivalent of approximately USD 202 million.